FanNation - The Republic of Sport

Nice to see a fresh picture today!

QUOTE(#1):

Originally posted 08:09 AM ET  11.14 by -Mr. FLOAT-

Nice to see a fresh picture today!

I can't wait to check this page for the pictures in the morning. Like looking at the comics. LOL
FLOAT; you started my day off on the right foot. LOL

No merger because The King is too proud to let up on the reigns. He is going to let his company fail.

Soggy Cereal Killer, In case you can't read or didn't know, Richard Petty sold majority ownership in the team to investment banking firm Boston Ventures earlier this year.

QUOTE(#4):

Originally posted 09:45 AM ET  11.14 by Nas 88

Soggy Cereal Killer, In case you can't read or didn't know, Richard Petty sold majority ownership in the team to investment banking firm Boston Ventures earlier this year.

And they are the one's who probably said NO to the merger

I do read - and what I remembered, which was confirmed in the initial press release was that Petty would have a very strong say (and some degree of veto power) in the joint partnership:

quote:

The company (Boston Ventures) will put four of its representatives on the board of directors, led by chairman Barry Baker, who is managing director of Boston Ventures. Petty will get three seats on the board.

Davis (Boston Ventures) said that although his company is the majority owner, Petty will maintain a leading role in the organization and use Boston Ventures management as a ???sounding board??? for big decisions.

???As Richard said, he???s going to be very, very much involved in the day-to-day decisions,??? Davis said. ???We trust him. We back people and we like Richard, we like Kyle???all the management team is smart people.???

(Darn those friggin' quotes when you copy/paste something. Grrrrrrrr...........)

That sounds like the old "tell them what they want to hear stuff'. I am not sure how this merger works but in the case of Chrysler being involved with Cerebrus Holdings it's a one sided deal. Chrysler is no longera publicly traded company thus Cerberus doesn't have stockholders to report to.They could sell bits and pieces of Chrysler for cash and not have to report to anyone, when the equity is gone they throw their hands up in the air and say,"we are out of business'. I don't think Petty has any say in the financial end of his deal, just the actual race track decisions.

So why would Richard sell off more of his company and give up more control? There is no guarantee if they merged yet again that it would change anything.

It is not his company any more. Once you make the deal with the devil, they call ALL the shots when it involves making or losing money.

I do wish Petty luck. I wwould love to see that # 43 car in the winners circle again!!!

I truly hate to see them in such dire straights but, that's the business. Best of luck to them.

"The company (Boston Ventures) will put four of its representatives on the board of directors, led by chairman Barry Baker, who is managing director of Boston Ventures. Petty will get three seats on the board."

I don't care what anyone says, 4 to 3 =4 in charge. Now their could be some wording in the documents that give Petty some say, but 4 =Majority, and they rule the roost.

I'm pretty sure the King has a some $$$ in the bank from the majority sale...maybe he'll come back with the 'Victory Junction Team" and a one car operation,etc....

I guess we'll have to see what the economy does in the next few months. The chance of a single car team doing exceptional is slim. Their future went with Adam and that is a shame.

88Fan, surely the king got mucho money but Ill bet there is a no compete clause in there as well.

QUOTE(#16):

Originally posted 02:13 PM ET  11.14 by Joe 10:36

88Fan, surely the king got mucho money but Ill bet there is a no compete clause in there as well.

Oh, there's a "no compete" clause w/r/t Petty Enterprises, that's for sure. It's been in place for about 10 years now. ;-)

All kidding aside, though, I wish them luck as well...I don't know of anyone who wouldn't love to see them at least competing for wins, rather than simply competing to qualify. And there must be one he// of a sweetener in Bobby Labonte's contract, that's all I can say!!

QUOTE(#8):

Originally posted 10:06 AM ET  11.14 by JKINDELRAY

That sounds like the old "tell them what they want to hear stuff'. I am not sure how this merger works but in the case of Chrysler being involved with Cerebrus Holdings it's a one sided deal. Chrysler is no longera publicly traded company thus Cerberus doesn't have stockholders to report to.They could sell bits and pieces of Chrysler for cash and not have to report to anyone, when the equity is gone they throw their hands up in the air and say,"we are out of business'. I don't think Petty has any say in the financial end of his deal, just the actual race track decisions.

Cerberus is the DEVIL!!! I swear, even the hint that they were taking over my company would put me on the job search right now no matter how crappy the economy is.

QUOTE(#4):

Originally posted 09:45 AM ET  11.14 by Nas 88

Soggy Cereal Killer, In case you can't read or didn't know, Richard Petty sold majority ownership in the team to investment banking firm Boston Ventures earlier this year.

Nice, maybe you should read instead of skimming boy...he also still has FULL CONTROL of day to day ops, which is why they fail. Know your topic before you try to teach sonny.

Nas_88 is a Female.
Have a Good Weekend!